Factors To Consider While Planning Economic Development

Economic development is a term that is used to describe the policy of a country in dealing with encouraging growth and development for industry-specific to the region. 


In today's competitive world it can be crucial for a country's economic growth to be dependent on factors such as the nation's productivity, literacy rate, etc. Economic Development has become an important part of every nation's policy and has become a key factor for development. 


In order for a country to progress, the infrastructure of the country must be suitable enough to encourage development. Most importantly, factors such as proper education and availability of resources are required for a nation to prosper. These factors need to be taken into consideration as they play an important role in encouraging economic growth.

 

Here are a few factors that are important to consider while planning economic development.


  • Infrastructure 


A country must have a proper infrastructure in place which contributes to a healthy city and also increases the standard of living. Proper construction, smooth roads, efficient transport systems, etc., are required for this purpose. Apart from these factors, the power supply must be consistent and available throughout the city without any interruption. 

Economic Development

  • Education 


Another important factor when considering economic development is education. A city must have adequate manpower in place in various fields to be considered for industrial growth. More importantly, the city's literacy rate also plays an important role. Every city has a certain percentage of people who are illiterate and this needs to be taken into consideration while formulating policies related to city growth. Thus, education is definitely one of the most crucial factors to be considered while planning economic development.


Education is also vital for industrialization as it contributes greatly towards city development. A city that does not have access to proper education will never prosper no matter how much infrastructure has been laid out by the government. It would mean that these city's citizens are not in a position to be employed in city-based industries, thus they must make their livings elsewhere resulting in out-migration of people from the city. 


  • Industrialization 


Industries are an important part of city development as they not only contribute greatly to the city's economy but also create jobs for city-based citizens.  Industries also act as sources of city-based revenue. An industrial city is identified by its city image to be more advanced than the others who do not possess industrialization. This factor needs to be taken into account while planning economic development in a city.


Proper infrastructure, a good education system, and industrialization are factors that contribute towards city growth and thus, economic development. These factors act as an added advantage when it comes to the standard of living for citizens of a country.


When each of these factors is combined, it can result in a healthy city which encourages the overall growth and development of the country. The development of a nation also depends on its soft power that can keep other nations from conquering or attacking it. 


To conclude, economic development is an important part of every country's policy and the nation must prosper. The factors that need to be considered when planning economic development are infrastructure, education, and industrialization. These factors contribute greatly to the overall growth of the city. Thus, these factors should be considered while formulating policies related to economic development.

Location: United States

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